Sabeco to divest from Eximbank

November 04, 2015 | 08:44

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The Saigon Beer Alcohol Beverage JSC will unload all its 5.73 million shares in the Viet Nam Export-Import Commercial Joint Stock Bank, or Eximbank.

Transactions are carried out at Eximbank. Beverage firm Sabeco will unload all its shares in this bank. - Photo vietstock.vn

The company, also known as Sabeco, said it would unload the shares via put-through transactions, and that the sale was aimed at seeking investors.

The firm said as of mid-2015, it was holding 0.46 per cent of the bank's equity, equivalent to VND63.8 billion (US$2.84 million) in book value.

During the last three months, the shares of the bank were being traded between VND11,400 (51 cents) and VND12,000 (53 cents) per share. Today, they closed unchanged at VND11,700 (52 cents) per share on the HCM City Stock Exchange.

Japan's Sumitomo Mitsui Banking Corporation and the Bank for Foreign Trade of Viet Nam (Vietcombank) are the major shareholders at Eximbank, reportedly holding 15 per cent and 8.19 per cent, respectively.

Currently, the state owns nearly a 90 per cent stake in Sabeco. In May, the industry and trade ministry submitted a plan to the government to reduce this ratio to below 36 per cent.

Sabeco leads the domestic beverage market, selling 1.4 billion litres of beer and 35 million litres of beverages in 2014.

VNS

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